Local shipbuilder considers buying 25 percent of Hornets NBA team

Galliano businessman Gary Chouest is interested in buying a one-quarter share of the New Orleans Hornets, and team owner George Shinn is considering the offer.

Chouest is the owner of Edison Chouest Offshore, a barge and vessel company supporting the Louisiana offshore oil and gas industry.

Shinn, who was out of town on vacation, confirmed Friday morning through a spokesman that negotiations were ongoing and he stressed that he has no intentions of selling a majority share of the team.

"While negotiations with local investors continue, I can say with absolute certainty that the Shinn family will always retain majority control of the Hornets," Shinn said.

A secretary at Chouest's office said he also is out of town and was not immediately available for comment.

Shinn has been seeking investors for the Hornets in an attempt to reduce a large debt incurred in Janurary of 2005 when he bought out former minority partner Ray Wooldridge. He has spoken to about a dozen other area businessmen.

"We've been in negotiations with local investors for a long time, and while nothing's done yet, we remain optimistic we can reach a deal," said Chad Shinn, George Shinn's son and the Hornets' executive officer of the board.

According to recent surveys by Forbes magazine, the Hornets are worth around $248 million, meaning a one quarter share would run around $62 million.